Insolvency Service partners with FCA to further enforcement activities

The Financial Conduct Authority (FCA) and the Insolvency Service have agreed to increase collaboration around enforcement activities.

Signing a Memorandum of Understanding this week, the Insolvency Service said the move would “put a stop to those companies” who pay little regard to corporate law.

The measure follows a torrid year in corporate governance. The regulators’ new partnership will allow them to take more pronounced action against directors and companies operating against the public interest.

This includes sharing relevant information in a timely manner, as well as robust coordination of enforcement activities where appropriate.

The reports adds that this will help, in particular, to share information relating to misconduct, investigations and enforcements to tackle corporate and financial misconduct and the commission of financial crime.

Sarah Albon, chief executive of the Insolvency Service, said: “While we conduct different activities and have different responsibilities, the Insolvency Service shares similar objectives with the FCA when it comes to tackling financial wrong-doing.

“The MoU firmly establishes our relationship with the FCA and going forward we will endeavour to work closer together in order to put a stop to those companies and individuals who pay scant regard to the law and hurt economic confidence.”